Kerry: Egypt needs to strike IMF deal

US Secretary of State John Kerry said on Saturday it is vital that Egypt revive its economy and that the country's fractious political parties reach agreement on painful economic reforms to secure an IMF loan.

The country's foreign currency reserves have dived to little more than a third of levels before the 2011 revolution and the budget deficit is soaring as a sliding Egyptian pound pushes up the cost of state subsidies for imported fuel and food. (Reuters)